The PostOffice.co.uk International Money Transfer is a White Label – What does it mean?
The UK Post Office money transfer services (and also cash-to-cash transfers) are operated by licensed payment providers and not the UK Post Office itself.
Below you can find the statements from their own website.
Until 31st July 2019, MoneyCorp was the payment provider for all the international money transfers that the Post Office did. It is unclear why the partnership has ended because MoneyCorp has been consistently rated as one of the top money transfer companies out there.
That indicates that in fact, these services are operated by a third party (here’s an explanation from Wikipedia on how White Labels operate).
Are white labels necessarily bad?
The simple answer to that is no, it’s not necessarily bad. As a matter of fact, the Post Office chose a very big partner to handle money transfers – Western Union. It’s one of the biggest players in the world for this type of services.
The thing with white label deals is that there is no specific reason why not to approach the service provider itself.
UK Post Office Client Reviews
On websites dedicated to client reviews like Trustpilot.com we can see that the overwhelming majority of reviews (83%) have rated the Post Office as Bad. But the truth is that here, people are talking about all types of services that the Post Office offers. So we decided to search for reviews related strictly to their money transfer service.
On their dedicated page on Comparetravelmoney.com, the UK Post Office has a rating of 2/5, with the last 10 reviews giving it only a 1/5 rating. *As of December 2019.
The complaints were mainly about the following topics:
- Hidden charges and forex transfer fees
- Lack of transparency, difficulty understanding the pricing
- Terrible exchange rate
You will surely get a better service using a number of other money transfer companies that are dedicated to providing this and only this type of service. Click the banner below and choose to work with some of the best-rated companies in this market.